Inflation cools, but central bank messages mixed
Inflation headlines dominated Wednesday’s session as the Bank of Canada held the key lending rate at 4.5%, citing progress in fighting inflation. The TSX held onto gains and closed 0.14% higher. Staples, industrials and real estate led, but staples lagged.
Major movers were Osisko Mining rallying 4.81%, Nuvei 4.1%, Hut 8 Mining -3.36%, Organigram Holdings -13.04% and Bombardier -5.81%. WTI climbed 2% past $83 a barrel while gold remained above $2,000 an ounce.
American indices were trending modestly higher until the mid-afternoon release of the Fed’s March meeting minutes which signalled a 0.25% rate hike ahead, but in various public appearances regional fed chairs are split on their rate direction. The U.S. indices weakened into the close with modest losses: the S&P -0.41% below 4,100, the Nasdaq -0.8% to fall below 12,000, and the Dow -0.11%. American Airlines announced a profit forecast that disappointed the street and sank 9.25%. Tesla closed -3.06%, Warner Brothers Discovery -6.23% after criticism from Warren Buffett, while AutoZone soared 35.77% and Pioneer added 5.31%. The U.S. 10-year yield was 3.409% while Bitcoin slumped 1.2% below $30,000.
⛏ Osisko Mining (OSK-T) +4.81%
💿 Nuvei Corp (NVEI-T) +4.1%
🅱 Hut 8 Mining Corp. (HUT-T) -3.31%
🌿 OrganiGram Holdings Inc. (OGI-T) -13.04%
🚂 Bombardier Inc (B) (BBD.B-T) -5.81%
🛫 American Airlines Group (AAL-Q) -9.25%
🚗 Tesla Inc (TSLA-Q) -3.06%
📺 Warner Bros. Discovery (WBD-Q) -6.23%
🛒 Autozone Inc. (AZO-N) +35.77%
🛢 Pioneer Natural Resources (PXD-N) +5.31%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.2%